Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2382.1%
Neutral517.9%
Bearish00.0%
Apollo Global Management, Inc. · APO · FY2026 Q2 · Calendar Q3 2026
Apollo reports record Q2 earnings as origination and inflows stay strong
Apollo's Q2 evidence supports a constructive operating trajectory: management cited record FRE and SRE, robust origination, strong inflows and continued demand tied to infrastructure and retirement income. The thesis remains dependent on fee durability, regulatory conditions, spread discipline and expense control.
Reported Before market openNYSEFinancial Services
$73.67B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.11
Consensus $2.16
EPS surprise
-2.3%
Reported versus consensus
Reported revenue
$11.15B
Consensus $5.65B
Revenue surprise
+97.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.9%
Event window
SPY move
+1.8%
Same window
Abnormal move
+1.1%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
-1.1%
Up to 20 sessions
APOSPY benchmark
Ask FN2 about APO FY2026 Q2
Transcript, numbers and history already loaded
Why did APO rise 2.9% after missing EPS estimates in FY2026 Q2?What changed in APO's guidance and outlook in FY2026 Q2?Give me the bull and bear case for APO after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Apollo reported stronger origination and capital formation while advancing daily NAV and ICE ID initiatives. Management also emphasized the planned integration of PIC and Athora and maintained its 2026 growth outlook.
Guidance delta
Management maintained its 2026 growth outlook for fee-related earnings and spread-related earnings.
Key takeaways
- Management highlighted record fee-related and spread-related earnings, supported by origination and capital formation.
- Origination reached $74 billion, with $60 billion of inflows during the quarter and a $50 billion signed-deal pipeline.
- Daily NAV and ICE IDs are intended to improve transparency and liquidity across private-market products.
Management priorities
- Complete daily pricing for all credit assets by October 1 and expand ICE ID coverage.
- Continue institutional fundraising, including Fund XI, while integrating PIC and Athora businesses.
- Invest in technology, talent and infrastructure, including the new Austin office.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$124.15Current
$48Low
$118.6Average
$188High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Sep 2, 2026 |
| UBS | Buy | Buy | Maintain | Aug 5, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 13, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 13, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 18, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 21, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 7, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Nov 5, 2025 |
| Citigroup | Buy | Buy | Maintain | Oct 13, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 11, 2025 |
| B of A Securities | Buy | Buy | Maintain | May 5, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 11, 2024 |
| Argus Research | Buy | Buy | Maintain | Aug 20, 2024 |
| Jefferies | Hold | Hold | Maintain | May 9, 2024 |
| Oppenheimer | Perform | Outperform | Downgrade | Oct 9, 2023 |
| JMP Securities | Market Perform | Market Perform | Maintain | May 26, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Oct 19, 2022 |
| CFRA | Buy | Buy | Maintain | Nov 25, 2020 |
| Bank of America | Buy | Neutral | Upgrade | Feb 7, 2017 |
| Argus | Buy | Buy | Maintain | Aug 12, 2016 |
| Keefe Bruyette & Woods | Outperform | Market Perform | Upgrade | Aug 4, 2016 |
| PiperJaffray | Overweight | Overweight | Maintain | Jun 3, 2015 |
| Bernstein | Outperform | Outperform | Maintain | Apr 3, 2014 |
| Sterne Agee | Buy | Buy | Maintain | Aug 6, 2013 |
| Compass Point | Buy | Buy | Maintain | Feb 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $124.15. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| HSBC | Analyst unavailable | $145 | $120.47 | +16.8% | Jul 20, 2026 |
| RBC Capital | Bart Dziarski | $142 | $113.73 | +14.4% | Feb 23, 2026 |
| Goldman Sachs | Alexander Bolstein | $165 | $135.88 | +32.9% | Feb 9, 2026 |
| UBS | Michael Brown | $186 | $149.06 | +49.8% | Dec 11, 2025 |
| BMO Capital | Brennan Hawken | $136 | $130.1 | +9.5% | Nov 25, 2025 |
| Goldman Sachs | Alexander Bolstein | $155 | $130.17 | +24.8% | Nov 25, 2025 |
| Piper Sandler | John Barnidge | $188 | $184.07 | +51.4% | Dec 9, 2024 |
| BMO Capital | Etinenne Ricard | $157 | $147.62 | +26.5% | Nov 6, 2024 |
| Wells Fargo | Michael Brown | $164 | $163.67 | +32.1% | Nov 6, 2024 |
| Evercore ISI | Glenn Schorr | $174 | $147.62 | +40.2% | Nov 6, 2024 |
| Deutsche Bank | Brian Bedell | $155 | $147.62 | +24.8% | Nov 6, 2024 |
| Goldman Sachs | Alexander Blostein | $135 | $131.54 | +8.7% | Oct 3, 2024 |
| Evercore ISI | Glenn Schorr | $150 | $132.01 | +20.8% | Oct 2, 2024 |
| Wells Fargo | Michael Brown | $148 | $132.01 | +19.2% | Oct 2, 2024 |
| Wolfe Research | Steven Chubak | $139 | $125.13 | +12.0% | Sep 24, 2024 |
| Wells Fargo | Michael Brown | $132 | $108.67 | +6.3% | Sep 11, 2024 |
| Citigroup | Chris Allen | $135 | $105.58 | +8.7% | Sep 11, 2024 |
| Argus Research | Stephen Biggar | $125 | $111.61 | +0.7% | Aug 20, 2024 |
| Bank of America Securities | Craig Siegenthaler | $123 | $105.04 | -0.9% | Aug 6, 2024 |
| Jefferies | Daniel Fannon | $117 | $113.32 | -5.8% | May 9, 2024 |
| Barclays | Benjamin Budish | $133 | $114.67 | +7.1% | Apr 8, 2024 |
| BMO Capital | Etinenne Ricard | $122 | $111.08 | -1.7% | Apr 5, 2024 |
| Deutsche Bank | Brian Bedell | $123 | $111.08 | -0.9% | Apr 5, 2024 |
| Loop Capital Markets | Rufus Hone | $103 | $91.26 | -17.0% | Sep 15, 2023 |
| Barclays | Analyst unavailable | $85 | $68.24 | -31.5% | Jan 12, 2023 |
| Wells Fargo | Analyst unavailable | $74 | $66.52 | -40.4% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $78 | $62.51 | -37.2% | Dec 19, 2022 |
| Deutsche Bank | Analyst unavailable | $83 | $64.88 | -33.1% | Nov 15, 2022 |
| Deutsche Bank | Brian Bedell | $91 | $58.2 | -26.7% | Aug 23, 2022 |
| Morgan Stanley | Analyst unavailable | $61 | $60.59 | -50.9% | Aug 15, 2022 |
| Oppenheimer | Analyst unavailable | $61 | $57.53 | -50.9% | Aug 8, 2022 |
| Deutsche Bank | Analyst unavailable | $88 | $50.3 | -29.1% | Jul 13, 2022 |
| Wells Fargo | Analyst unavailable | $66 | $49.16 | -46.8% | Jul 13, 2022 |
| Deutsche Bank | Brian Bedell | $90 | $54.48 | -27.5% | May 22, 2022 |
| Citigroup | Ronald Josey | $50 | $60 | -59.7% | Apr 21, 2022 |
| Morgan Stanley | Analyst unavailable | $81 | $59.52 | -34.8% | Apr 20, 2022 |
| Rosenblatt Securities | Barton Crockett | $48 | $59.44 | -61.3% | Apr 20, 2022 |
| Wells Fargo | Analyst unavailable | $71 | $58.1 | -42.8% | Apr 19, 2022 |
| Citigroup | William Katz | $87.5 | $57.49 | -29.5% | Apr 16, 2022 |
| Deutsche Bank | Brian Bedell | $95 | $56.87 | -23.5% | Apr 11, 2022 |
| Morgan Stanley | Michael Cyprys | $88 | $61.58 | -29.1% | Mar 17, 2022 |
| BMO Capital | Rufus Hone | $100 | $67.58 | -19.5% | Feb 15, 2022 |
| Argus Research | Stephen Biggar | $90 | $75.34 | -27.5% | Nov 9, 2021 |
| Jefferies | Gerald O'Hara | $80 | $77 | -35.6% | Nov 3, 2021 |
Track every rating change on APO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationApollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spectrum of transactions, ranging from traditional management buyouts, recapitalizations, and distressed acquisitions to corporate carve-outs, growth capital infusions, turnaround financing, bridge loans, strategic acquisitions, and industry consolidation initiatives. This also includes debt investments in real estate and corporate partnerships, along with investments in distressed assets and special situations within the middle market. Its client base is diverse, encompassing sovereign wealth and endowment funds, as well as various other institutional and private investors. The firm constructs and oversees bespoke portfolios for clients and actively manages a suite of investment vehicles, including hedge funds, real estate funds, and private equity funds.…
Historical context
All APO earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| PUK Prudential plc | FY2026 Q2 · Calendar Q3 2026 | -40.9% | -0.5% | Prudential sustains growth and capital returns focus in H1 2026 |
| CM Canadian Imperial Bank of Commerce | FY2026 Q3 · Calendar Q3 2026 | +8.9% | -2.8% | CIBC Q3: Broad growth, resilient credit and expanded AI rollout |
| TD The Toronto-Dominion Bank | FY2026 Q3 · Calendar Q3 2026 | +13.8% | +1.4% | TD emphasizes growth investments alongside disciplined capital management |
| RY Royal Bank of Canada | FY2026 Q3 · Calendar Q3 2026 | +6.2% | -1.3% | RBC reports record Q3 earnings while investing for growth |
| AFRM Affirm Holdings, Inc. | FY2026 Q4 · Calendar Q3 2026 | +1230.3% | +0.3% | Affirm's most profitable quarter shifts focus to product execution |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the APO recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-04T20:09:39.388940+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-09-23T00:50:59.813081+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T00:50:59.810251+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-23. For educational purposes only; not investment advice.